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Archive: 12 March 2020

Posts in 12 March 2020

Selection of sub activity code in spice form

March 12, 2020 6411 Views 0 comment Print

The Ministry of Corporate Affairs has made the process of incorporation of a new company very easy and fast and tried to give facilty of name Reservation, DIN of the Directors GST registration PAN and TAN submission in one E form i.e. Spice , it provides help to the users and its self-descriptive nature helps in filling the Form.

Delay due to utter failure or negligence of department cannot be condoned

March 12, 2020 1128 Views 0 comment Print

There is a delay of 586 days in filing the appeal for which no explanation was offered. even if some explanation was offered, we could have exercised our discretion. In this case, condonation of the delay would amount to condoning the utter failure or negligence on the part of the department to take steps with regard to this appeal.

Income Tax & GST Penal provisions for No entry or false entry in Books

March 12, 2020 21642 Views 2 comments Print

New Penal provisions under Income tax Act Section 271AAD and under GST Section 122(1A) for No entry or false entry in Books of accounts and its consequences The finance bill 2020 has introduced new penal provisions under the Income Tax Act and GST. The reason for introduction of the same is In the recent past […]

Section 118 of the Companies Act, 2013

March 12, 2020 7746 Views 0 comment Print

CS Priya Raval  Section 118 of the Companies Act, 2013 Minutes:-Record of the proceedings of a Meeting. Minutes should contain a fair and correct summary of the proceedings of the Meeting. Rule 3 of Companies (Meetings of Board and its Powers) Rules, 2014 Draft Minutes of the Board Meeting shall be circulated to all Directors […]

Cenvat credit of duty paid in excess as per final assessment, admissible

March 12, 2020 2025 Views 0 comment Print

CESTAT Ahmedabad has upheld the Commissioner (A) Order allowing Cenvat credit of the duty paid on  provisionally assessed bill of entry in a case where the final assessment revealed that less duty was payable. The Tribunal in this regard relied upon number of case law and observed that it is settled that even though certain amount of excise duty/service tax is not payable as per law but the manufacturer/service provider pays it, Cenvat Credit cannot be denied at the recipient end only on the ground that the same was not payable by the manufacturer/service provider. 

Section 54/54F exemption eligible on investment in new property in Wife’s name

March 12, 2020 30417 Views 0 comment Print

Shri Ramphal Hooda Vs ITO (ITAT Delhi) Whether the exemption under Section 54F is extendable to the assessee for the total consideration paid by him, for the purchase of the new asset (the residential property) in the joint name or the exemption would be entitled to the extent of the share of the assessee in […]

Recent amendment in Mutual Funds Regulations| SEBI- Mutual Fund

March 12, 2020 4380 Views 0 comment Print

SEBI vide its notification dated 06th March, 2020 amends the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. These amendments in Mutual Funds regulations have come into force from March 6, 2020. Mutual funds are regulated by the SEBI (Mutual Fund) Regulations, 1996. What is mutual Fund? Different investment avenues are available to […]

An Investment Manager can manage multiple InvITs: SEBI

March 12, 2020 543 Views 0 comment Print

There is no provision in the SEBI (Infrastructure Investment Trusts) Regulations, 2014 (InvIT Regulations) which prevents an Investment Manager to manage more than one InvIT.

RBI Announces USD/INR Sell Buy Swaps

March 12, 2020 429 Views 0 comment Print

Financial markets worldwide are facing intense selling pressures on extreme risk aversion due to the spread of COVID-19 infections, compounded by the slump in international crude prices and a decline in bond yields in advanced economies.

BCD objects to inclusion of lawyers within definition of Consumer Protection Act 2019

March 12, 2020 636 Views 0 comment Print

As per the information available, your Ministry is framing Rules under the Act and wants to surreptitiously include the lawyers under the proposed Rules so as to bring the lawyers across the country within the jurisdiction of Consumer Redressal Forum. This is highly deplorable and the lawyers across the country will never accept their inclusion within the definition of the provisions of Consumer Protection Act.

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